Columbus Home Buyers Face Uphill Climb in Summer Market - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Columbus Home Buyers Face Uphill Climb in Summer Market

Columbus home buyers summer marketDespite rising interest rates, Columbus home buyers still have plenty of competition in the market. A low inventory of homes for sale, especially for homes priced under $350,000, has been a persistent challenge for first-time buyers and others seeking affordable housing. Unless rates cool demand, the current inventory could be as good as it’s going to get.

On the bright side, home inventory has improved from a year ago. Data from Columbus Realtors© shows a 12% increase in homes for sale on a year-over-year basis. However, most of the gain in home inventory has been in 4-bedroom and 5-bedroom homes, which doesn’t offer much relief to first-time buyers.

Currently, the median home price in Central Ohio is $270,419, up 13% on a year-over-year basis. Interest rates have been averaging over 5% for a 30-year, fixed-rate mortgage for the past several weeks. While everything is higher than last year, the Columbus area still offers one of the most affordable, major metro housing markets in the country.

As noted in Columbus Business First, the job opportunities in Central Ohio are spurring home demand that continues to exceed supply. It is possible that headwinds in the broader economy could remove some less-motivated buyers from the market, but it’s difficult to predict if, and when, this will happen. Progressively-higher rates could also cause homeowners to stay put – which would keep a lid on home inventory.

Good financial planning and dedicated home buyer representation are a must for today’s market. As Exclusive Buyer’s Brokers, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

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